Record-high bond issuances seen this year

MANILA, Philippines — Corporate bond listings at the Philippine Dealing and Exchange Corp. (PDEx) could potentially soar to record-high levels in 2025.

PDEx president and CEO Antonino Nakpil said that they are looking at a P600-billion target for corporate bond issuances this year.

Should the target be achieved, this would eclipse the existing record-high P508.66 billion achieved in 2022.

“Right now, we think most of it is refinancing. These guys are the ones who were planning last year, late last year, and they’re coming in into this first quarter of 2025,” Nakpil said.

“So we’ll see them starting February. I think we have three or four (listings) to start. Still the same folks, banks and I think real estate are coming in,” he said.

Last year, PDEx was looking at P400 billion for corporate bond issuances. However, it fell short of hitting the target, finishing the year with P360 billion.

The amount, however, was still higher than the capital raised through corporate bond issuances in 2023 at P209.33 billion.

“We’re 10 percent off, so a little bit short. Some of our assumptions last year, like all of the maturing bonds that they would refinance, did not push through so let’s see what’s the likelihood that they’ll be coming in,” Nakpil said.

Nakpil said they would be open to revising the target as the year progresses.

“We’ll see how robust. So maybe we’ll refocus and we’ll see whether it’s feasible,” Nakpil said.

“It’s not like the first six months is going to tell you what’s going to happen in the year. Last year was like the exact opposite of a perfect storm,” he said.

The Philippine Dealing System Holdings Corp. owns PDEx, the operator of the fixed income exchange.